10th Jul 2014 09:38
LONDON (Alliance News) - Xtract Resources PLC Thursday said it sold five million shares in oil shale development and processing company Global Oil Shale Group PLC for GBP1.2 million.
The energy holding company said it sold the Global Oil Shale shares at 23.77 pence each.
The company still holds 2.37 million shares in Jersey-registered Global Oil Shale.
"The opportunity arose for Xtract to sell five million shares, which immediately provides the company with an additional GBP1.2 million without diluting shareholders. This strengthens our cash position as we continue to develop and grow Chépica and evaluate the opportunities at Mejillones," said Chief Executive Jan Nelson in a statement.
Xtract Resources shares were flat at 0.220 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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